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COUNTY OF SAN MATEO
DEFERRED COMPENSATION ADVISORY COMMITTEE Minutes from May 26, 2022

M/S/C Perry/Raw/6-0 (Absent: Finnegan and Wentworth) Motion approved by roll call
vote.

7. Empower Reporting
A. Accept Presentation of Annual Plan Review (Bob Gleason)
B. Accept Presentation of Quarterly Update on Call Response Performance (Chris
Burchard)

A motion was made to accept both presentations.

M/S/C Perry/Raw/6-0 (Absent: Finnegan and Wentworth) Motion approved by roll call
vote.

8. Review and Discuss 2022 Plan Survey Results (Armando Llanes)

Staff will meet with Empower to develop a plan for taking action on the
recommendations resulting from both the participant and non-participant surveys. The
workplan will be reviewed with the DCAC in accordance with the annual survey policy.

Innovest

9. Presentation and Acceptance of Quarterly Investment Review (Gordon Tewell)

A motion was made to accept this presentation.

M/S/C Love/Perry/6-0 (Absent: Finnegan and Wentworth) Motion approved by roll call
vote.

10. Next Steps in Investment Menu Analysis
A. Discuss Index Fund Options Already in the Plan (Gordon Tewell)
B. Educate DCAC on ESG Alternatives (Wendy Dominguez)
C. Review of HRA Plan Fees (Kyli Soto)

The DCAC accepted the Index Fund presentation. Items 10B and 10C were deferred to
the August 25 meeting.

11. DCAC Education Plan
A. Agreement on Date for DCAC Fiduciary and Other Trainings (Jay Castellano)
B. Review of Preliminary 2022 Education Plan (Wendy Dominguez)

The DCAC agreed that a critical mass of the topics could be covered in an extended
session of the annual retreat. Staff will schedule the retreat later in the calendar year
as a meeting separate and apart from the quarterly meetings.

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